How skint are we?

[Rik-Safc]

Refunds delayed, players not getting paid full whack.

Think we really could go under?

Maybe they are trying to actually run a business and stop us getting into more financial trouble by doing these things?

Not saying things are rosey but they seem like pretty normal business practice given the situation right now.

 

[samaistonsrightfoot]

Is that legit? So if Administration isn't an option we could just go out of business if they want to cut their losses?

No, you can still go into administration without debt as there's still liabilities to be met.

 

[SAFC_Jack]

More misinformation. Most companies that go bust don't have secured creditors.

So we can go into admin?

 

[Kevsgreat]

Maybe they are trying to actually run a business and stop us getting into more financial trouble by doing these things?

Not saying things are rosey but they seem like pretty normal business practice given the situation right now.

Yeah I agree with this. Don't think we're skint, just tight as fuck. Penny wise and pound foolish.

 

[Grumpy Old Man]

So we can go into admin?

Yes. See page 10 of this document under "Who can appoint an administrator?". Only a secured creditor can appoint an administrator automatically, but a wide range of people can get one appointed by a court. https://www.pwc.co.uk/assets/pdf/insolvency-in-brief.pdf

 

[vote quimby]

No. That's the entire point of limited liability - that a shareholder isn't personally liable for a company's debts. They could go bankrupt if the result was they were unable to pay their personal debts as a result, but that's unlikely here, as the club is not their main source of income.
Here's a helpful guide to UK insolvency law https://www.pwc.co.uk/assets/pdf/insolvency-in-brief.pdf from Price Waterhouse.

Cheers mate.

 

[bomber]

expect administration then anything else is a bonus.

 

[Parker]

I genuinely think its touch and go for Donald whether he has the funds to get us to next summer.

Holding on to sc refunds, not paying the furloughed staff the 20% top up. 350k for Mumba.

It's like hes scraping for every penny

 

[fredthefan]

Yeah I agree with this. Don't think we're skint, just tight as fuck. Penny wise and pound foolish.

Hope so

 

[Ale taster]

Refunds delayed, players not getting paid full whack.

Think we really could go under?

Where did this come from ?

 

[CaptainRed]

Stewart Donald says we are financially sound.

Unfortunately Stewart Donald is a f***ing liar.

 

[Far Tibetan Mountain]

I thought we couldn't because of the Americans insurance on the club?

Out of curiosity, if we go bust, into Administration, would Donald and Metven and co be bankrupt aswell?

No. Completely different entities not legally connected to the club's finances.

 

[molthemackem]

Refunds delayed, players not getting paid full whack.

Think we really could go under?

I've been saying it for over a year now, these owners do not have a pot to piss in. All of the signs are there for people to see, I've been watching this for months, its only clear if people want to see them.

 

[Gazoliver]

Yes. See page 10 of this document under "Who can appoint an administrator?". Only a secured creditor can appoint an administrator automatically, but a wide range of people can get one appointed by a court. https://www.pwc.co.uk/assets/pdf/insolvency-in-brief.pdf

When are the accounts due out? Obviously they won't show the extent of the current situation but it will show how 'well' we were going into it.

 

[Hank Scorpio]

Will we go under? No.

Are we stretched tighter then a pair of James Cordens trousers? Yes.

 

[Grumpy Old Man]

When are the accounts due out? Obviously they won't show the extent of the current situation but it will show how 'well' we were going into it.

Need to be filed by the end of July.

 

[SAFC_Jack]

Tighter than a duck’s butt.

 

[mackembulldog]

Ive seen the 'not paying the top up on staff being furloughed' on various threads... not the only people to do this by the away.. I know of loads.. our lass being one of them and that's a private school where you think they'd have the money...

 

[TeamOfTalents]

Apathetically drifting to administration.

 

[Black Cat Gypsy]

Maybe they are trying to actually run a business and stop us getting into more financial trouble by doing these things?

Not saying things are rosey but they seem like pretty normal business practice given the situation right now.

Anyone involved with football or any sports club will tell you can't run a club like a regular business. Running SAFC isn't like running a Mickey Mouse insurance company.

If you are going to make cuts to staff, academy, scouting and recruitment you need to have an alternative plan in place. You can't just cut staff and funding and expert to carry on the same way.